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FX round-up: Dollar stabilises as EM currencies sell-off persists

The dollar stabilised against the yen and the Swiss franc on Monday as investors geared up for the Federal Reserve's two-day meeting, which kicks off on Tuesday.

The spotlight is expected to remain on the two-day meeting and whether officials decide to further reduce the central bank's stimulus measures at the meeting.

The greenback was weighed down by weaker than expected new US home sales data for December, which sparked doubts that US economic momentum is strong enough to reduce Fed stimulus.

On Monday the Commerce Department said new home sales fell 7.0% to a seasonally adjusted annual rate of 414,000 units, below 457,000 predicted by analysts.

The dollar changed hands at ¥102.58 from ¥102.24 late Friday. In economic news Japan's trade deficit recorded an unexpected increase in December. Exports rose to 15.3% and imports grew 24.7% from a year ago.

The dollar traded at 7.9918 Argentine pesos from 8.0130 pesos on Friday as the sell-off among emerging market currencies continued.

The euro was hardly changed at $1.3673 from $1.3677.

The British pound advanced to $1.6580 from $1.65022 and at one point breached the $1.66 mark for the first time since May 2011.

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